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It's not hard to find people who could fill the CFO role early on, but it can be hard to decide whom to trust.
by rch 8y ago
It's not hard to find people who could fill the CFO role early on, but it can be hard to decide whom to trust.
- zrobotics 8y agoThing is you don't necessarily need a CFO early on. What you do need, though, is an accountant. Even ignoring possible financial penalties, the cost is low enough that it is likely a net financial positive. A founder unfamiliar w/ accounting will spend longer trying to accomplish the same tasks, and is wasting time that could more productively be spent elsewhere. How did nobody balance the books at all in 3 years? He states: "... I thought, Bank of America’s payroll system automatically withholds payroll taxes every month, it’s all automated. But it wasn’t. There was a single “submit tax” button in a separate part of the Bank of America website that had to be clicked to actually pay the taxes."[0] Any even semi-competent bookkeper would have noticed this. [0] http://sethbannon.com/mistakes-you-should-never-make http://sethbannon.com/mistakes-you-should-never-make